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Krebs Bio's Q1 profit increases

Krebs Biochemicals Ltd (KBL) has registered a growth of over 120 per cent in turnover and 75 per cent in net profit for the first quarter of the current fiscal ended June 30, 2001.

According to the unaudited financial results taken on record by the KBL board here, the company has achieved net sales of Rs 16.2 crore (Rs 7.34 crore), other income of Rs 20.86 lakh (Rs 6.32 lakh) and a net profit of Rs 3.98 crore (Rs 2.27 crore).

As on June 30, 2001, the reserves stood at Rs 76.92 crore on an equity base of Rs 6 crore.

For the quarter under review, the company incurred an expenditure of Rs 9.99 crore (Rs 2.81 crore) and provided Rs 1.33 crore towards interest (Rs 1.26 crore) and Rs 1.11 crore towards depreciation (Rs 1.05 crore).

During the accounting year ended March 31, 2001, KBL posted a net profit of Rs 13.73 crore on a turnover of Rs 49.21 crore, yielding an EPS of Rs 22.9 with reserves amounting to Rs 73.05 crore.

In a press release issued here on Tuesday, KBL announced that it has entered into an agreement with ICICI Knowledge Park for leasing R&D laboratory facility.

This R&D facility would be used for research and development of new biomolecules both by synthetic and biological approaches, which were used for therapeutic purposes. Further, according to the company, the facility would help generate genetically engine ered products such as monoclonal antibodies, DNA vaccines and interferons.

The company has already assembled the R&D team with requisite qualifications and experience for the purpose, the release said. -- Our Bureau